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Consider an all-equity firm. It borrows a debt and uses the debt amount to repurchase some of its shares. How does its market value balance

Consider an all-equity firm. It borrows a debt and uses the debt amount to repurchase some of its shares. How does its market value balance sheet change? I understand that the tax shield should appear as one of the assets in the new market value balance sheet. What happens to the shares repurchased? Do they also appear as assets? Please explain with an example.

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